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Message
Landlord situation advice please
Posted on 6/4/13 at 9:02 pm
Posted on 6/4/13 at 9:02 pm
1st time landlord here ....So I agreed with my initial tenant to knock $100 off the lease if they signed a 2 year...no brainer... 11 months later, they want out (job transfer) ... kind of sucks b/c I agreed to the $100 off and I even OK'd dogs b/c I figured I'd be replacing the carpet in 2 years anyway and I really liked getting a 2 year lease, but now I'm going to have to replace it sooner than I expected.... so, in this understandable situation, most landlords would come up with a settlement of sorts to let them out of the lease right? what would be a reasonable settlement to let them out of the lease?
I was thinking I would require them to pay 2 months additional rent ...1 month to make up for the $100 off I gave them, and 1 month penalty since I will now go at least 1 month with no tenant... neither of these things are spelled out in the lease...only thing in the lease is that I can come after them for the full term of the lease ... thoughts on this ?
(also, security deposit is not at play here, totally separate that will be returned if place is fine)
P.S. 3br 2ba nice house off Old Jefferson if anyone is interested (lsucity-1 at yahoo)
I was thinking I would require them to pay 2 months additional rent ...1 month to make up for the $100 off I gave them, and 1 month penalty since I will now go at least 1 month with no tenant... neither of these things are spelled out in the lease...only thing in the lease is that I can come after them for the full term of the lease ... thoughts on this ?
(also, security deposit is not at play here, totally separate that will be returned if place is fine)
P.S. 3br 2ba nice house off Old Jefferson if anyone is interested (lsucity-1 at yahoo)
3
Posted on 6/4/13 at 9:09 pm to Zilla
Keep deposit
I say that because I believe you will have a very hard time making them pay additional rent.
I say that because I believe you will have a very hard time making them pay additional rent.
This post was edited on 6/4/13 at 9:11 pm
Posted on 6/4/13 at 9:10 pm to RunningBlake
deposit is not at play here, deposit is for damages to my house, totally separate...
Posted on 6/4/13 at 9:13 pm to Zilla
quote:
deposit is not at play here, deposit is for damages to my house, totally separate...
Money is Money and that is probably all you're getting if they play hardball. How much you want to spend to chase them down?
Posted on 6/4/13 at 9:13 pm to RunningBlake
but the remaining term on the lease is $17000 that I could get by going after them..... spelled out in the lease.... I feel like I'm owed the $100 off back plus one months penalty for forcing vacancy on me...reasonable right?
This post was edited on 6/4/13 at 9:14 pm
Posted on 6/4/13 at 9:14 pm to Zilla
It doesn't work that way in real life
Posted on 6/4/13 at 9:20 pm to RunningBlake
quote:
It doesn't work that way in real life
that's actually what I was wondering...what normally happens in this situation ...hmmm...ok thanks
Posted on 6/4/13 at 9:22 pm to Zilla
I would keep their deposit for sure.
Posted on 6/4/13 at 9:24 pm to Zilla
The best you can do is keep the deposit.
Look at the bright side you will get a nice chunk of taxes back if you pay in.
Look at the bright side you will get a nice chunk of taxes back if you pay in.
Posted on 6/4/13 at 9:26 pm to RunningBlake
. . . And hopefully you get a new tenant soon that will pay full rate.
Tough business this landlord stuff.
Tough business this landlord stuff.
Posted on 6/4/13 at 9:28 pm to ynlvr
Yup
Posted on 6/4/13 at 9:29 pm to Zilla
quote:
the remaining term on the lease is $17000 that I could get by going after them.
If they had $17K they wouldn't be renting.
Always assume a lease will be broken in 6-9 months. Don't knock any money off for a promise for longer, it isn't worthwhile to try to enforce a breach of contract.
If you wanted to lock up a long-term contract, getting the tenants to put up a much larger deposit was the way to go. Get the money up front.
Posted on 6/4/13 at 9:33 pm to foshizzle
what about if in the lease instead of only saying I could come after them for the full term of the lease, what if I spelled it out that they could pay 2 months rent penalty in order to be released from the lease and released from me coming after them for the full term? Does something like that ever happen?
Posted on 6/4/13 at 9:38 pm to Zilla
You are in the same boat. Enforcement is only as strong as they allow or you pursue. If they run, you have to expend the resources to collect. You lose. Money up front or pay as you go is the name of the game. Do your best at screening applicants and you get better at it over time but nothing is sure thing.
Posted on 6/4/13 at 9:40 pm to ynlvr
yea I guess so...appreciate the advice.... anybody know any good flooring guys in BR? ....will need to replace all the carpet in the 3 bedrooms with laminate....
This post was edited on 6/4/13 at 9:41 pm
Posted on 6/4/13 at 9:41 pm to ynlvr
What do I risk by asking for the $100 off back ?
Also, is it possible to not officially "release" them from their lease until after they totally move out to ensure no major damages ? ...as a way to further protect myself ?
Also, is it possible to not officially "release" them from their lease until after they totally move out to ensure no major damages ? ...as a way to further protect myself ?
This post was edited on 6/4/13 at 9:47 pm
Posted on 6/4/13 at 9:46 pm to Zilla
quote:
what about if in the lease instead of only saying I could come after them for the full term of the lease, what if I spelled it out that they could pay 2 months rent penalty in order to be released from the lease and released from me coming after them for the full term? Does something like that ever happen?
Happens a lot with more experienced landlords. It's a good idea.
I've handled my fair share of broken leases over the years. First off, the popular opinion is that the safety deposit is a sacred cow not to be messed with. I've found Louisiana case law stating differently, but you have to be very careful with the language in your lease. But I would be comfortable arguing that the deposit can be liquidated damages if provided for properly in the lease.
Second, collecting is tough. You generally have two options when a lease is broken: (1) eviction + $ for rent due + damages to property OR (2) accelerated rent. But they technically have the right to stay in the property when you sue for accelerated rent. If you re-let the property then you have mitigated and they will not be required to pay those amounts you received from a subsequent tenant.
I'll email you my cell/office and you are more than welcome to give me a buzz if you'd like. There are a lot of variables that determine your options.
Posted on 6/4/13 at 9:52 pm to rmc
Since its a work transfer suggest they ask the company to buy them out of the lease?
I had tennants in a 1 year lease, 4 months in the company up and transferred them. Tough situation, I understood and felt for the guy, but it's a business and I treated it as such.
I had tennants in a 1 year lease, 4 months in the company up and transferred them. Tough situation, I understood and felt for the guy, but it's a business and I treated it as such.
Posted on 6/4/13 at 9:54 pm to Zilla
quote:
What do I risk by asking for the $100 off back ?
Also, is it possible to not officially "release" them from their lease until after they totally move out to ensure no major damages ? ...as a way to further protect myself ?
They are breaking the lease, you get to keep their deposit. You risk nothing by asking for the $100 back just as they risk nothing by asking you to return their deposit.
They will have to sue you to get their deposit back, just as you would have to sue them for the rent for the remaining months. No one would think this was a good idea.
I have a couple of rental units and it took me a while to start looking at things in a different perspective.
This is not play money.
Posted on 6/4/13 at 9:57 pm to StrangeBrew
Also in the future treat pets completely separate from damage deposits.
i do a non-refundible pet fee not a pet deposit.
i do a non-refundible pet fee not a pet deposit.
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